Speaking at the Building Societies Association conference in Manchester today Darling said: "If we are going to buy houses later on in life then we have to address that we have an inadequate rented sector in this country.

"It is very unsatisfactory. It is something not a lot of people will want to do in this country. The sector is not great."

He also criticised the coalition for failing to implement a housing policy in order to address the changing housing market.

He said: "In the ‘80s, ‘90s and the 2000s, no one had a housing policy and we need to get one."

He added that the UK needed to deal with the housing market on the supply side rather than try to use what would be a very clumsy instrument with interest rates.

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